Crane Co. raises guidance, posts better-than-expected Q1

Crane Co. (CR) stock rose nearly 5% in the extended session Wednesday after reporting better-than-expected first-quarter earnings and raising its guidance for the year. Crane earned $62 million, or $1.08 a share, in the quarter, compared with $54 million, or 93 cents a share, in the year-ago quarter. Adjusted for one-time items, Crane earned $1.25 a share. Revenue fell 5% to $514 million. Analysts polled by FactSet expected adjusted earnings of 85 cents a share on sales of $486 million. Crane said it remains confident that it can "navigate the current environment despite some mixed demand signals in certain end markets and ongoing supply-chain challenges in aerospace and defense end markets." Crane raised its adjusted EPS guidance to a range between $3.60 and $3.90, from a previous range between $3.40 and $3.70. Shares of Crane ended the regular trading day down 0.7%.

-Claudia Assis

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05-10-23 1732ET

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